Are you thinking of investing in property in Cyprus? You are definitely not alone. The interest for real estate in Cyprus is very strong, particularly from expats. There are many reasons for that, namely the low cost of living combined with a high-quality lifestyle, the climate, the still competitive real estate prices as well as the majestic views to the islands beautiful nature. For expats thinking of buying property in Cyprus there is a further advantage, as acquiring real estate in Cypriot ground makes it infinitely easier to get a permanent residence. Before you invest though, you should also be aware of the potential pitfalls.
The real estate market in Cyprus
The increasing demand in recent years has of course cause real estate prices to rise in Cyprus. However, compared to similar attractive destinations in other Mediterranean countries such as Portugal, Spain or even France, buying a property in Cyprus is still much more economical.
There are many different types of properties available in Cyprus, from reasonably priced apartments in cities such as Larnaca to charming villas in the more touristy areas and everything in between. Cyprus has a plethora of real estate agents and property developers who can help you with your search, but since it is a small place you can also buy directly from the owners, through word of mouth.
What you need to be aware of
As enticing buying property in Cyprus may be, there are still a few things you need to consider carefully before investing. The first thing is doing a background check on your lawyer, making sure they are independent and honestly have your best interests in mind (and not, for instance, working for both vendors).
Another thing to look out for is whether the developer has taken any mortgage: if they have, and they declare bankruptcy at some point, you will become liable for that mortgage yourself as the new owner.
Important:
Perhaps the most important thing to be aware of when buying property in Cyprus is the Turkish-occupied part of the island. There are indeed housing options there, and they may be more economical and seem like a better investment at first glance. But you should be aware that choosing to live on that side, may cause you problems with the official Cypriot state. For instance, it may be impossible to get a long-term visa/residence permit if your stated address is on the occupied section of Nicosia or any other of the occupied parts of Cyprus.
Where to buy property in Cyprus
When considering your real estate investment, you should begin by making an honest appraisal of your needs, and then finding the real estate options that make the most sense.
For example, If you're looking for a convenient place close to an airport, Larnaca and Paphos are your best options ' although with Cyprus being a small island, Nicosia, Limassol and Famagusta are not that far away from airports either.
If on the other hand, you are looking for a quiet retirement home or a villa with ocean views, then you should look at areas such as Larnaca, Paphos, Limassol and Agia Napa (although Agia Napa tends to be crowded with tourists, especially in summertime).
Finally, if you are looking to avoid tourists, your best option to search for property is surprisingly the capital city of Nicosia.
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